Minnesota General Merchandise Storage Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond; Purpose
Operators of warehouses in Minnesota are required by the state’s Department of Agriculture to furnish a $10,000 surety bond, in lieu of a $50,000 liability insurance policy.
Those who maintain the $50,000 liability insurance policy do not nee to obtain this surety bond.
The bond, required as per Minnesota Statute 2317.17, serves as a financial guarantee that you’ll be in compliance with all state regulations concerning household goods warehousing.
Qualifying and Premium
Obtaining the $10,000 Minnesota general merchandise storage bond involves:
- Completion of a short surety bond application. Your application will both need to be signed and witnessed; however, a credit check is not required;
- An underwriter review which includes a credit check inquiry;
- Payment of at least the $100 premium on approval of your surety bond application.
After approval of your application and payment of the premium, our agency issues your bond to you immediately.
Your surety bond and a Power of Attorney form will be sent to you for both signing and filing.
Upon receipt, you’ll sign your bond as Principal and mail it to the appropriate address for the Department of Agriculture for filing.
Premium Prepayment Options
While it is entirely your decision, our agency strongly recommends prepayment of this bond’s premium for 2 or 3 years.
Prepayment of the premium, besides lengthening the time between renewals, also offers you a savings over renewing each year.
The premium prepayment option and savings are as follows:
- If prepaid for 2 years, the premium is $180, a $20 savings;
- If prepaid for 3 years, the premium is $260, a $40 savings.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, Court, probate, and other surety bonds in Minnesota and all 50 states.
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